Amortisation

Amortisation means the repayment of a loan over time. In the context of a mortgage, an amortisation mortgage is one where payments are made that are sufficient to repay both the original capital off, together with all interest, within a set period.

In the UK the usual name given to an Amortisation Mortgage is either a Repayment Mortgage or a Capital and Interest Mortgage. In contrast, if you have an Interest-only mortgage, the principal remains outstanding at the end of the term of the mortgage.

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